STATISTICS: KAZAKHSTAN, H1 2018: life insurance increase by almost 10%

Based on the insurance data for the first half year, published by the National Bank of Kazakhstan, the biggest growth rate compared to the same period last year was recorded by life segment (+9.92%), while non-life segment grew by only 2.56%.

Shares of life and non-life segments saw slight changes compared to the last year (16.79% and 83.21% vs 15.84% and 84.16% accordingly). In non-life segment the main share of premiums is owned by property class, however, half year premiums in property saw a slight decrease by 2.05%. Another driver of non-life segment, motor insurance, had a good positive trend (+27%), at that the major contribution was made by MTPL (+almost 29%).

Total market premiums as of July 1, 2018 increased by 3.73%, compared to the same period last year, up to KZT 212.1 billion, that included premiums under direct insurance agreements in the amount of KZT 187.3 billion. For reinsurance to non-residents of Kazakhstan were ceded 83.4% of premiums, ceded in reinsurance.

Total volume of paid claims for the first 6 months amounted to KZT 48.7 billion (+5.67% compared to the same period of 2017). At that paid claims in life segment dropped by 4.18%, and in non-life segment, jumped by 7.57%. Non-life classes with the highest growth of paid claims were insurance of financial risks (+572.57%) and property insurance (almost +171%).

The market leader, EURASIA, for the first half year demonstrated premiums' growth by 30%, but paid claims of the leader jumped dramatically - by 113.77% in local currency. HALYK-Kazakhinstrakh, having the 2nd place in terms of premiums, saw premiums' growth by more than 40%, and paid claims of HALYK-Kazakhinstrakh showed an opposite, declining trend. Among other insurers from TOP-5 only KAZAKHMYS' premiums dropped (-13%), keeping the trend of the first quarter this year.

As of July 1, 2018 Kazakh market was represented by 32 re/insurance companies. Total volume of assets for the first 6 months increased by 7.3%, liabilities also jumped by 8.4%, total volume of insurance reserves - by 6.8%.

Access http://xprimm.com/ and download Kazakhstan market figures.





Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all